Each first-year scholarship is for a period of 1 academic year and the scholarship award for state competitive scholarships awarded prior to the fiscal year ending September 30, 2023 must not exceed the amount of tuition and fees for the full academic year as reported by the eligible postsecondary institution in which the applicant is enrolled, or an amount as the department finds appropriate in relation to the applicant's own financial resources other than wages that may be due the applicant for part-time work performed by the applicant during the academic year, whichever is the lesser. For the purposes of determining the dollar amount of the scholarship for students awarded state competitive scholarships prior to the academic year 2024-2025, the financial resources of the applicant include the cash or equivalent resources of the applicant's parents available for the postsecondary education of the applicant, allowance made for other members of the applicant's family enrolled in an eligible postsecondary institution, under rules adopted by the department. Notwithstanding any other provision of this act, a student who has not received a state competitive scholarship prior to the academic year 2024-2025 must be considered to lack financial need. If the amount of appropriated funds is insufficient to provide each student with the scholarship amount for which the student is eligible, the department shall establish a maximum scholarship level for that academic year. Renewal scholarships must not be less than the initial first-year scholarship awards unless predicated by changes in student or family financial resources.